Property Underlying Certain City Projects Sample Clauses

Property Underlying Certain City Projects. Greenstone has conveyed, or agrees to convey, by special limited warranty deed, title to the City the portions of the Property on which the Stadium, certain adjoining City streets and all or a portion of the City Parking Decks will be constructed, as shown on the Master Plan for Infrastructure and at such times as are set forth therein. These conveyances are subject to lawful subdivision of such Parcels or Subparcels (or evidence that subdivision of the Parcels or Subparcels is waived or is not required), that will ensure that the areas of the Property which are not conveyed to the City may be developed as contemplated in this Agreement, and do not violate any applicable regulations. If for any reason within the control of the City (i) Bonds are not issued for Stadium construction by January 1, 2018, or a later or earlier date by mutual agreement, then the City hereby agrees to convey back to Greenstone, within 60 days, by special limited warranty deed any and all property which Greenstone conveyed to the City (save and except those properties exchanged pursuant to the land swap regarding the Medac Building and Medac Deck) under or in connection with this Agreement, with no additional encumbrances or exceptions to title from the title which was conveyed to the City by Greenstone. This provision shall be included as a covenant and restriction in the special limited warranty deed from Greenstone to the City. All parties to this Agreement acknowledge and agree to the following land conveyance from Greenstone to the City: $1,000,000 value contribution of the real property on which the Stadium and its related infrastructure will be located – including any applicable swap of land between the City and Greenstone, to or from either party, to complete the land assemblage in accordance with the General Development Plan. Conveyance of the land underlying the Hotel Deck and Hotel, respectively, shall be subject to separate purchase and sale agreements whereby the City shall purchase the Hotel Deck land for $378,000 and the Hotel land for $500,000, which purchases shall be partially defrayed by the Developer Payment.
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Related to Property Underlying Certain City Projects

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